Description: This course presents accounting as an information system that produces summary financial statements, primarily for users external to a business or other enterprise. Students study the forms of business organization and the common transactions entered into by businesses. The emphasis is on understanding and applying basic accounting principles and other concepts that guide the reporting of the effect of transactions and other economic events on the financial condition and operating results of a business. Students analyze and interpret historical financial statements, as well as the limitations of using this in making forward-looking business decisions is included. The primary content emphasis will be accounting for current assets and liabilities, long-term assets and liabilities, flow statements, and financial statement analysis. Prerequisite: ACCT 100